LIBRARY OF CONGRESS 




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REPORT 



THE ORIGIN, CONSTITUTION, AND PRESENT STATUS 



SEVERAL FUNDS AND TRUSTS 



The Historical Society of 
Pennsylvania 



IN WHICH IT IS BENEFICIALLY INTERESTED 

ACCOMPANYING 

THE ANNUAL REPORT OF THE COUNCIL OF THE 

SOCIETY FOR THE YEAR ENDING 

DECEMBER 31, 1804 



Ionian instTii^ 






^om] Wu':ev>«^ 



it//V -:, 1914 



^5*0 5" 



THE ORIGIN, CONSTITUTION, AND PRESENT STATUS 

OF THE 

SEVERAL FUNDS AND TRUSTS 

OF 

THE HISTOEICAL SOCIETY OF PENNSYLVANIA 

OR 
IN WHICH IT IS BENEFICIALLY INTERESTED. 

(In accordance with the directions of the Council of the Society the 
following statement was annexed to its annual report for the year 
ending December 31, 1894, for the information of the members of the 
Society.) 

I. General Fund. 

Prior to the creation in 1877 of the Endowment Fund, all legacies, 
donations to the Society for the purposes of investment but for no 
specific object, and life membership payments were carried by the 
Treasurer of the Society to a separate account called the General Fund. 
The investments thereof have been made in the corporate name of the 
Society, and the interest therefrom is applied generally for its uses. 
This fund amounted on December 31, 1894, to . . $11,000 00 
Which sum is derived from : 

Legacy of Paul Beck 

Donation of the Athenian Institute 

Legacy of Peter S. Du Ponceau 

Legacy of Thomas Sergeant , 

Legacy of George Chambers 

Legacy of Jesse George 

Legacy of Mrs. Eliza Gilpin 

Life membership account 

Profits on investments, etc. . 

11. The Publication Fund. 

This, the first of the Special Funds established by the Society, was 
originated by virtue of the following resolutions adopted at a meeting 
of the Society held February 13, 1854, viz. 

Whereas, The publications by the Society, notwithstanding the valu- 
able matter they contain, are a heavy drain upon its funds, and are 
unsatisfactory in their form because of their liability to loss; and it 
being desirable to secure a permanent efficiency in the mode of pre- 
serving the materials of history ; be it 



. 




. $100 00 


te 




. 350 00 






. 200 00 






100 00 






100 00 






1,000 00 






5,100 00 






. 3,616 00 






434 00 






$11,000 00 



2 Funds and Trusts of the Historical Society of Pennsylvania. 

Resolved, That any person, member or other, who shall pay to the 
Treasurer the sum of twenty dollars for that purpose, shall be, during 
his life, entitled to one copy of each book or other matter published by 
the Society subsequent to the date of contribution. 

Resolved, That the Treasurer open an account under the head of 
Publication Fund, in which shall be entered all payments for this object 
and contributions thereto, as also the sums received from time to time 
from the sale of the Society's publications. 

Resolved, That the payments and contributions to the Publication 
Fund be invested at convenient times in good securities, and that the 
interest accruing thereon be the only money from that fund to be used 
in the expenses of publication. 

At a meeting of the Society held May 8, 1854, it was 

Resolved, That George W. Norris, M.D., John Jordan, Jr., and 
Thomas S. Mitchell be constituted Trustees of the Publication Fund, 
with power to invest the same on good security, and apply the income 
for the objects of said fund, as stated in the resolutions of February 
13, 1854. 

By resolution of the Society dated April 13, 1857, the constitution of 
the fund was changed, and provision made that in every second year 
after 1856 one Trustee of the fund should be elected by the Society 
upon the nomination of the Executive Committee, and that vacancies 
occurring in the mean time should be filled in a similar manner. It was 
also then provided that all investments of moneys by the Trustees of 
the fund should be made in the corporate name of the Society, and 
that the Trustees should annually present full reports in writing to the 
Society. 

In 1866 the amount of the subscription to the fund was increased to 
twenty-five dollars. 

The Trustees of the Publication Fund of The Historical Society of 
Pennsylvania, elected by the Society (hereafter by the Council), now 
consist of: 
Charles Hare Hutchinson, elected to serve until May, 1896. 
Hon. James T. Mitchell, elected to serve until May, 1898. 
Charles J. Still6, elected to serve until May, 1900. 
The capital of the Publication Fund on December 31, 1894, amounted 

to $36,964 75 

Which sum is derived from : 
Life subscription account . . $36,364 75 

Legacy of James Hamilton . $500 00 
Legacy of Miss Anne Willing 

Jackson 100 00 

600 00 

$36,964 75 



Funds and Ih^usts of the Historical Society of Pennsylvania. 3 

III. The Building Funds and Eeal Estate Account. 

The "First Building Fund" was established in pursuance of a reso- 
lution of the Society of August 13, 1855, which provided for the col- 
lection of money for the erection of a building for its use, the amount 
to be held by the Trustees of the Publication Fund, and the interest 
arising therefrom to be devoted to the same purpose as the interest of 
the Publication Fund until the capital of that fund should amount to 
$20,000, whereupon the capital of the two funds was to be separated, 
and the interest arising from the Building Fund was to be added to its 
capital until the entire fund should be needed to furnish the Society 
with a fire-proof building. Subscriptions amounting to $4950 were 
collected for this purpose, and when the capital of the Publication Fund 
reached $20,000, the funds were separated, and the interest of the Build- 
ing Fund was added to the capital until the building at Locust and 
Thirteenth Streets was eventually purchased as hereafter stated. 

As it was found impossible to raise sufficient funds to erect a building 
entirely fire-proof, and as the growth of the Society required more ex- 
tensive quarters than those it had been occupying in the Athenaeum 
Building, at the corner of Sixth and Adelphi Streets, since the year 1848, 
a subscription was taken up, under a resolution of the Council of Jan- 
uary 25, 1869, with the object of furnishing the Society with more com- 
modious quarters. While subscriptions for this purpose were being 
solicited, a building known as the " Picture House," originally erected 
for the accommodation of Benjamin West's painting of " Christ Heal- 
ing the Sick," situated on the south side of Spruce, between Eighth 
and Ninth Streets, on the grounds of the Pennsylvania Hospital, was in 
1871 offered to the Society at a nominal rent for ten years, the Society to 
make whatever alterations were necessary to render it suitable for its 
needs. The subscriptions which had been paid in under the resolution 
of Council of January 25, 1869, amounting to $5825, were invested, and 
became known as the "Second Building Fund," the interest arising 
therefrom being added to the capital until the property at the corner 
of Locust and Thirteenth Streets was purchased in the year 1882. The 
uncollected subscriptions under the resolution of January 25, 1869, were, 
with the consent of the subscribers, applied, when paid, to the improve- 
ment of the Spruce Street building. All other outlay for the alteration, 
fitting up, and furnishing of the same, over and above the amounts con- 
tributed for the specific purpose, was paid for out of the general funds 
of the Society not held by trustees for special purposes. 

In November, 1882, a portion of the property now occupied by the 
Society, at the southwest corner of Locust and Thirteenth Streets, 
originally built in the most substantial manner for Johu Hare Powell, 
and subsequently, for many years, occupied as a residence by General 
Robert Patterson, the lot containing in front on Locust Street ninety- 
five feet and in depth on Thirteenth Street one hundred and twenty 



4 Funds and Trusts of the Historical Society of Pennsylvania. 

feet, was offered to the Society for $50,000. Steps were at once taken 
to raise a sufficient amount for the purchase and alterations of the prop- 
erty, and the sum of $67,601.34 was readily obtained. The house and 
lot, together with thirty feet additional to that first offered, adjoining it 
on the west, were accordingly purchased. The securities of the " First 
Building Fund" were sold, realizing $8381.21, and those of the "Second 
Building Fund," $14,115.44. These sums added to the $67,601.34, col- 
lected as above mentioned, and money received from interest on de- 
posits, the sale of old material, etc., amounting to $1870.92, together 
with $5500 borrowed from the General Fund of the Society, covered 
the entire cost of the hall and buildings, with the alterations of the 
same, as at first adapted to the Society's use. In accordance with the 
provision that the building erected with the proceeds of the " First 
Building Fund" should be fire-proof, the money of that fund was used 
in constructing the northeastern wing of the building at the corner of 
Locust and Thirteenth Streets. 

In the year 1886 the late Joseph E. Temple, who had been one of 
the contributors for the purchase of the building, and who had watched 
with interest the rapid growth of the Society, expressed the opinion at 
one of its social receptions that before long the Society would need ad- 
ditional room, and that to provide for this contingency and for protec- 
tion against fire it should secure the lot of the width of twenty-five 
feet which still remained vacant adjoining its building on Locust Street 
on the west. The price asked for the lot was $13,000, of which sum he 
offered to contribute $5000 if the Society would raise the balance. The 
Misses Cope, the owners of the lot, generously contributed $2000, and 
in a short time the entire sum, with $732.50 in addition, was obtained. 
In 1889 the late John Jordan, Jr., a life-long benefactor of the So- 
ciety, who saw its growing needs, presented the Society with $15,000 for 
the erection of the fire-proof building on the southern part of the Thir- 
teenth Street front of its property, the only condition being that if the 
Society should move from its present location and the money received 
from the sale of its present building should not all be required for its 
future quarters, the $15,000 which he then presented should be trans- 
ferred to the Trustees of the Library Fund and the interest used for 
the purchase of books. 

From this it will be seen that the cost of the hall, buildings, and 
ground containing one hundred and fifty feet on Locust Street and one 
hundred and twenty feet on Thirteenth Street, as now occupied by the 
Society, amounted to $126,201.41, all of which money was contributed 
by its members for purposes for which it has been used, with the ex- 
ception of $5500 borrowed from the General Fund of the Society, which 
it is hoped will some day be repaid. 

The title to the hall, buildings, and lots of ground stands in the name 
of " The Historical Society of Pennsylvania." 



Funds and Trusts of the Historical Society of Pennsylvania. 5 

IV. The Gilpin Fund. 
This fund is derived from the bequest of the Honovable Henry D. 
Gilpin, contained in his will, proved at Philadelphia February 3, 1860, 
to the President and the eldest Vice-President for the time being of The 
Historical Society of Pennsylvania, Eichard A. Gilpin, Henry D. Gil- 
pin, Jr., Charles Macalester, and J. Francis Fisher, and the survivors 
and survivor of them, of one-third of his residuary estate in trust to 
erect a fire-proof library building in connection with the building of the 
said Society, to be designated " The Gilpin Library of The Historical 
Society of Pennsylvania," and to appropriate annually to the use of the 
said Gilpin Library the entire income of the residue of the said legacy, 
with a provision that none of the books or other articles should be taken 
therefrom, but used by students at the library, vacancies in the trust to 
be filled by the remaining Trustees or a majority of them, and the same 
being confirmed by a court at Philadelphia having jurisdiction over the 

subject. 

On October 28, 1876, the Trustees received authority from the Court 
of Common Pleas of Philadelphia County to apply the income of the 
fund to the payment of rent of part of the building occupied by the 
Society, including the proper fitting up and care of the library room, 
purchase of books, binding of the same when necessary, and the em- 
ployment of a proper person as librarian, at a salary to be fixed upon 
by the Trustees, in lieu of erecting and maintaining a fire-proof library 
building as provided for in the will of Mr. Gilpin. 

The Trustees of the Gilpin Library of The Historical Society of Penn- 
sylvania now consist of the President of the Society, Charles J. Stille, 
the eldest Vice-President thereof, Hon. Samuel W. Pennypacker, 
Charles Hare Hutchinson, William Brooke Rawle, and George Harrison 

Fisher. 
The capital of the Gilpin Fund amounted on December 31, 1894, to 

$58,611.65. 

V. The Binding Fund. 

This fund was originated by Dr. Thomas B. Wilson, as appears from 
the following letter : ^^^^^^_ ^^^^^ ^^^^ ^^^ 

Dear Sir,— In accordance with your suggestion to create a permanent 
Trust Fund, I would like you to use the seven hundred dollars which I 
placed in your hands, in the purchase of a one-thousand-dollar bond of 
the North Penna. R. R. Co. and one share of the Penna. R. R. Co., to 
be held as a Permanent Binding Fund, the interest to be first used, 
under direction of the Trustees of the Publication Fund, on the col- 
lection of books relating to the French Revolution. 

Yours respectfully, 

Thomas B. Wilson. 

To TowNSEND Ward. 



6 Funds and D'usts of the Historical Society of Pennsylvania. 

At a meeting of the Council held March 28, 1861, Mr. Ward an- 
nounced the donation from Thomas B. Wilson, M.D., of one bond of 
the North Pennsylvania Railroad Company, for one thousand dollars, 
and one share of the Pennsylvania Eailroad Company, as a permanent 
Binding Fund. And on his motion it vras Resolved, That the securities 
be placed in the hands of the Trustees of the Publication Fund. 

The Trustees of the Binding Fund of The Historical Society of 
Pennsylvania, elected by the Society (hereafter by the Council), now 
consist of: 

Charles Hare Hutchinson, elected to serve until May, 1896. 

Hon. James T. Mitchell, elected to serve until May, 1898. 

Charles J. Stille, elected to serve until May, 1900. 

The capital of the Binding Fund on December 31, 1894, amounted 
to $5300 00 

Which sum is derived from : 
Donation of Dr. Thomas B. Wilson (repre- 
sented by the securities mentioned) . . $700 00 



Donation of John Jordan, Jr. . 
Donation of Penn Manuscript Fund 
Legacy of William Man . 
Contributions and profits on investment 



1000 00 
1000 00 
2000 00 
600 00 
$5300 00 



VI. The Library Fund. 

This fund was originated in consequence of the following letter of 
George Washington Smith, one of the founders of the Society, entered 
on the minutes of the Society December 6, 1872 : 

911 Clinton Street, Philadelphia, November 20, 1872. 

My dear Sir, — I have the pleasure to enclose my check for one 
thousand dollars. I desire that the proceeds be invested in some security 
lawful for trustees to invest in, in the names of yourself, John Jordan, 
Jr., and Frederick D. Stone (any vacancy in the trust to be supplied by 
the remaining trustees or trustee from members of The Historical Society 
of Pennsylvania), and the interest of the fund applied from time to 
time, at the discretion of the trustees, by them in the purchase of books, 
printed or manuscript, for the use of the Society, and to be kept as part 
of its library. 

I would be happy if this should prove the commencement of a Per- 
manent Library Fund securely set apart and devoted to the enlargement 
and maintenance of the library. 

I trust that the Historical Society with which I have been so long 
connected will consider the sum thus given as a mark of my good will 
and of the sincere satisfaction with which I witness the late efforts made 



Funds and Trusts of the Histmical Society of Pennsylvania. 7 

through the liberality of certain of its members to place its concerns on 
a base worthy of its object. 

I remain with sincere regard 
Your friend 

Geo. Washington Smith. 

John William Wallace, Esq., 
President of The Historical 

Society of Pennsylvania. 

At a meeting of the Council held January 27, 1873, it was 

Resolved, That all bequests or contributions made by any person here- 
after to the Library Fund be placed in the hands of the same Trustees 
or their successors, with the same duties and powers on their part as 
given to the Trustees named in Mr. Smith's said letter. 

The Trustees of the Library Fund of The Historical Society of Penn- 
sylvania now consist of: Charles J. Still6, Frederick D. Stone, and John 
Bach McMaster. 
The capital of the Library Fund on December 31, 1894, amounted 

to $20,505 00 

Which sum is derived from : 
Donation of George W. Smith . . . $1,000 00 
Legacy of Jesse George .... 4,000 00 
Donation of John William Wallace . . 1,000 00 
Donation of John Jordan, Jr. . . . 500 00 
Legacy of William Man .... 8,000 00 
Legacy of Horatio Gates Jones of stock 
appraised at 4,505 00 

Profits on investments, etc 1,500 00 

$20,505 00 

VII. The Endowment Funds. 

At a meeting of the Council held January 22, 1877, John William 
Wallace, Esq., stated that three gentlemen had subscribed some time 
previously $500 each, and afterwards a fourth gentleman $100, to a paper 
in the words following : 

" We the undersigned agree to pay to John William Wallace, John 
Jordan, Jr., and George de B. Keim, Trustees, the sums set opposite 
our respective names, said sums to be invested by the said Trustees, and 
the interest therefrom applied to providing a sufficient salary or salaries 
for such person or persons as have been longest and most usefully de- 
voted to the service of said Society, a matter of which a majority of said 
Trustees or their successors in said Trust shall be the exclusive judges ; 
and in case there shall be no occasion for such provision, then to pay 



8 Funds and Trusts of the Historical Society of Pennsylvania. 

said interest as any subscriber may direct in writing as to the amount 
of principal subscribed and paid by him, and in default of such direction, 
as the Society or its Council may direct. The said Trustees to supply 
all vacancies in their body, and to have power to increase their numbers 
from the members of the Society.'' 

Mr. Wallace then reported that the money had been invested in the 
name of the Trustees of the Endowment Fund of The Historical Society 
of Pennsylvania, and that the interest ($100) would be appropriated to 
Mr. Townsend Ward for life, and, on behalf of the Trustees, asked that 
this trust and this fund be now recognized as one of the regular trusts 
and funds of The Historical Society of Pennsylvania. On motion of 
Mr. Seidensticker, this was unanimously done. 

Mr. Ward was the beneficiary of the fund, and on his death the fol- 
lowing resolution was passed : 

Resolved, That all interest from August 13, 1885, accrued from balance 
of fund, — viz., the sum of $285, — shall be paid quarterly to the Treasurer 
of The Historical Society of Pennsylvania and by him applied towards 
"providing sufficient salaries for such persons as have been longest and 
most usefully devoted to the service of the Society." 

At various times subsequently legacies and donations to the Society 
were placed in the hands of the said Trustees, and at a meeting of the 
Council of the Society held February 15, 1883, it was resolved that the 
balance of cash on hand in the Life Membership Fund, as well as future 
receipts from the same source, be transferred to the Endowment Fund 
until otherwise ordered. 

One of the contributions of $500 inaugurating the Endowment Fund 
was made by Mr. John Jordan, Jr., upon the express stipulation, not 
mentioned, however, in the agreement above recited, that after the death 
of Mr. Townsend Ward the amount should be transferred to the Library 
Fund. This was carried out, and Mr. Jordan's donation appears in the 
list hereinbefore given of the contributions to that fund. 

The Trustees of the said Endowment Fund now consist of: Charles 
J. Stille, Charlemagne Tower, Jr., and Hampton L. Carson. 

On May 7, 1894, the Society adopted a new system of By-Laws, 
wherein it was provided in Article IV., Section 3, as follows : 

" All donations and bequests of money to the Society, unless otherwise 
directed by the donors or testators, and all moneys received in lieu 
of annual dues, as hereinbefore provided, shall be invested under the 
direction of the Council, the income only to be applied to the support 
of the Society and the carrying out of the purposes for which it has 
been established. Such investments shall be called 'The General 
Endowment Fund,' and shall not be converted into money, except for 
reinvestment." 



Funds and Trusts of the Historical Society of Pennsylvania. 9 

The present Trustees of The General Endowment Fund of The His- 
torical Society of Pennsylvania, elected to serve until May, 1896, in 
accordance with the said By-Laws, are the same as the Trustees of the 
Endowment Fund,— viz., Charles J. Stille, Charlemagne Tower, Jr., 
and Hampton L. Carson. 
The capital of the Endowment Funds on December 31, 1894, amounted 

to $36,645 03 

Which sum is derived from : 
Subscriptions inaugurating the fund of 
John William Wallace . $500 00 

George de B. Keim . . 500 00 
Charles Hare Hutchinson . 100 00 
(Subscription of John Jor- $1,100 00 

dan, Jr., now in Library 
Fund.) 
Legacy of Mrs. Susan Barton . 500 00 

Donation of John F. Smith . 2,000 00 

Legacy of William Bradford . 200 00 

Legacy of Eebecca Darby Smith 1,201 49 

Legacy of William Man . . 6,000 00 

Legacy of William C. Jeanes . 10,000 00 

Life membership payments . 11,605 00 

Additional subscriptions and 

other sources .... 5,038 54 

$36,645 03 

VIII. The Deeeb, Collection of Manuscripts. 

By deed dated March 1, 1890, recorded in the Office for the Eecording 
of Deeds, etc., for the City and County of Philadelphia, in Deed Book 
G. G. P., No. 622, page 332, etc., Mr. Ferdinand J Dreer transferred 
and vested in Hampton L. Carson, William Brooke Rawle, Frederick 
D. Stone, Gregory B. Keen, and Edwin G. Dreer, and their successors 
in the Trust, all his collection of autographs, autograph letters, docu- 
ments, and manuscripts of historic interest, and illustrations belonging 
thereto, in trust to keep the same together in one collection in the fire- 
proof wing of the hall of The Historical Society of Pennsylvania or in 
such other fire-proof building which the Society may cause to be erected 
in connectiou with its said hall or any other hall in any part of the city 
of Philadelphia, the said collection to be designated and known as 
"The Dreer Collection of Manuscripts," and to be kept separate and 
apart from all other manuscript collections ; and in trust further to care 
for, protect, and preserve the said manuscripts from loss by fire, theft, 
injury, or other destruction, and to permit such students of history and 
others interested in the subject to examine and have access to said col- 
lection within the buildings of the said Society at such times and under 



10 Funds and Trusts of the Historical Society of Pennsylvania. 

such rules and conditions as the Trustees for the time being might es- 
tablish, with a provision that the Trustees of the collection should at all 
times consist of five in number, and that the Trustees succeeding those 
named in the said deed should, as soon as the necessary number of vacan- 
cies occur, be composed at all times thereafter of the President and the 
Librarian for the time being of The Historical Society of Pennsylvania 
and three active members thereof, all vacancies in the trust to be filled 
by the remaining Trustees by instrument of writing duly acknowledged 
and recorded in the proper record oflSce at Philadelphia. 

IX. The Isaiah V. Williamson Fund. 

In addition to the income derived from the foregoing funds, the So- 
ciety receives for its general purposes two per cent, of the net income of 
three hundred thousand dollars held in perpetuity by the Pennsylvania 
Company for the Insurances on Lives and Granting Annuities, under the 
will of Isaiah V. Williamson. In the year 1894 this amounted to 
$275.12. 



By the new By-Laws adopted by the Society May 7, 1894, the entire 
system of funds belonging to the Society or in which it is beneficially 
interested was placed upon a harmonious and, as nearly as possible, uni- 
form basis. It was provided in Article IV. thereof, in addition to the 
third section above quoted with reference to The General Endowment 
Fund, as follows : 

" 4. The investments of each of the several funds subject to the con- 
trol of the Society, shall be held in the name of " The Trustees of the 
[ ] Fund of the Historical Society of Pennsylvania," or if such a 

designation shall in any case be impracticable, then in the name of the 
Society, but designated as belonging to the particular fund. All moneys 
held in trust as aforesaid shall be invested and reinvested under the 
direction of the Council, and the income only applied to the carrying 
out of the purposes for which the funds respectively have been estab- 
lished. Such investments shall not be converted into money except for 
reinvestment, or for carrying into effect the purposes for which any 
particular fund may have been constituted. The trustees of such funds 
may in their discretion authorize and empower the Treasurer of the 
Society to collect and account for the income of such investments. 

"5. The trustees of all funds whose appointments are not specifically 
provided for in the creation thereof shall be three in number for each 
fund, and shall be elected by the Council from among the members of 
the Society to serve for six years. Elections of trustees shall take place 
at the stated meeting of the Council held in the month of May in each 
even-numbered year. In the cases of funds now existing one trustee 
for each fund shall be elected at such time, and the trustees now in 



Funds and Trusts of the Histoncal Society of Pennsylvania. 11 

oflSce shall continue until the expiration of the terms for which they 
have been severally elected. In the cases of funds to be created in the 
future three trustees for each fund shall be elected at the time, or as 
soon as possible thereafter, to serve until the next stated meeting of the 
Council held in the month of May in an even-numbered year, when 
three trustees for each fund shall be elected, one to serve two years, one 
to serve four years, and one to serve six years, and thereafter one 
trustee for each fund shall be elected at each of such meetings to serve 
six years. If no election shall take place on the day appointed, the 
former trustees shall continue until their successors shall be elected, 
which may be at any subsequent stated meeting of the Council or any 
special meeting thereof called for the express purpose, upon notice that 
such election is intended to be held. Vacancies in the office of trustee 
may be filled for unexpired terms at like times and in like manner. 

" 6. In all cases of funds created or other property settled in trust for 
the benefit of the Society, and the trustees holding the same have the 
sole power to fill vacancies in their number, whenever such vacancies 
occur the Council may nominate to the surviving or continuing trustees 
such members of the Society as it may think most proper to fill such 
vacancies, with its recommendation that they shall be chosen accord- 
ingly." 

The policy of the Society and of the Trustees of its funds is, when- 
ever investments are made in securities purchased below par, to enter 
them in the list of assets at cost; and whenever premiums are paid for 
investments, to apply income to the payment of such premiums and to 
enter the securities in the list of assets at par, so that the principal is 
never impaired. 



LIBRARY OF CONGRESS 



014 434 127 2 # 



